New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1887-12-07


- . ,o,yer could be deriyed is found IN
- ro. ration bill passed "A number OF years
60. ord :, is subject TO the Suspicion that 10
,,oe intended as temporary ana llmlWu ih i'e
oDn,ication instead Of conferrng continuing
,;scretion and authority. No condition ought 10
avis, which would justify the grant oil power u
single official uron his Judgment of its necessity
IN withhold from or release 10 the business oil we
neople in IN unusual manner money hetd IN
the Treasury, and thus affect at ms VIII the
financial situation of the country; AID il it is
deemed wise 10 lodge in the Secretary OF Inc
Treasury the authority in the present jnncture 70
nur,hasc bonds. It should he plainly vested. and
provided as far rs possible, with such checks ana
limitations rs will define this officials right and
discretion. and NJ the same time relieve hun from
undue responsibility.
oBJFCrIp~s TO THE PURCHASE OF BOMBS
In CONSIDERING the question Of purchasing bonds
as means OF restoring to circulation the surplus
money accommodating in the Treasury, IT shoai
be borne i'm mind that premiums must Oh oo"lso
he paid upon such purchase. that there may pe
large rant OF these bonds held as investments
which cannot be purchased at any price ana 'hat
combinations among holders who are Wiling 10
sell ray unrcasonaby enhance the cost OF such
bonds 10 the Government.
w. has been suggested that the present ponucu
delft might BE- refunded at less rate OF interest,"
and the difference between the old ana new
security paid in cash. thus finding use for the
surplus in the Treasury. The success OF TINS
plan it is APPARENT, must depend uron the Volluoh
of the holders of the present bonds; ana II Is
not entirely certain that the inducement which
r,ust be offered them wouid result in more finan-
cial benefit 10 the Government than the purchase
of bonds, while the latter proposition would
IA n debt
instead OF extending It.
The prOposition TO deposit the money held ny
the Government in banks throughout the country
for use 10y the people is. it seems to me- exceed
ingiy Objectionable in principle, as establishing
toe close a relationship between the operations OF
the Government Treasury and the business OF inc
country. and too extensive n comminSling OF their
money TINS fostering unnatural reliance IN
private business upon public funds III TINS schemc
should be adopted il should only he done as Il
TEMPORARY cXi cdient 10 meet an urgent necessity
Legislative and executive effort should generally
bo in the opposite direction and should have a
tendency TO divorce. as much and rs fast as can
safely be done the Treasury Department from
private enterprise.
rXIRAVAGANT APPROPRIATIONS NOT TO BE EN-
COURAGEp.
,)f course Il is not to be expected that unncccs-
sary and eXtravagant appropriations Will ne maze
for the purpose of avoiding the accumulation Of
nm excess OF revenue. Snch expenditure beside
the decentralization of all Just conceptions OF
public duty which ii entails, stimulates ii habit
of reckless improvdcncc not in the least consistent
with the mission of our people or the high ana
beneGoent purposes OF our Government.
have deemed ii NY duty TO thus bring Ia the
knowledge Of NY countrymen, as well as to the az
tenon Of their representatives charged with the re-
sponSiblty OF legislative relief the gravity OF our
financial situation. The failure of the Congress here
tofore to provide against the dangers which 1t was
quite evident the very of the difficulty must
necessarily produce, caused condition OF hnanc'"i
distress and Apprehension since youf last Appointment
which taxed to the utmost all the authority ana OK
pedients within executive control; and these appear
now to be exhausted If disaster results from the con
tiuued inacton Of Congress, the responsibility must
rest wherr II belongs.
Though The situation thus far considered IS
fraught with danger which should he fuiiy
realized, and though It presents features OF
wrong to the people as well As peril to the country
It Is bnt result growing out Of perfectly palpaoc
and apparent au-o, constantly reproducing the same
alarming ccumstanccs-a congested National treasury
and a depleted monetary condition in the business OF
the country. IL weed hardly be stated that while
the present situation demands remedy, we can only
be saved from like rredc lament in the future by Inc
removal of IT'S cause
THE TARIFF vicious SOURCE OF UNNECESSARY
TAXATION"
Our scheme Of taxation, by means of which this
needless surplus taken fromthc people and put into
the public treasury. consists of tariff or dA'y IeVeu
upon i'm port aiuns from abroad, and internal revenue
taxes levied ulOn the consumption OF tobacco am
spriiuOus and malt liquors 1T must be conceaeu 'ha'
none of the things subjected TO internal revenue
taxation arc strictly speaking necessares there ap
pears TO DO no Just complaint of this taxation by the
consumers OF these articles and there seems 10 DC
nothing so well able to bear the burden without haIo
ship to any portion of the people
But our present tariff laws the vicious inequitaole'
and Illogical source of unnecessary taAaton' ought
"a he nj once revised and amended These laws, as
their primary and plan effect, raise the price 10 con
sumers of all articles imported ana SUBJECT W u'S
by precisely the sum paid for such duties mus 'h'
amount Of the duty measures the tax paid by those
who purchase for use these imported articles Many
Of these things however are raised or "
our own country, and duties now levied upon ior-
elgn goods and products are called protection W 'n
home manufactures, because they render IL pOesi' DO
for those Of people who arc mahuIactuIcI9 ~
mako these taxed articles and sell them for l'''o
equal to that demanded for the imported goods td'
have paid c. stons duty. so it happens that while
comparatively few use the imported aiiicleS' nioiH
of people, who never use and never sa" any Vi to
foreign products purchase and use things OF the same
kind made in this country and pay therefor nearly
or quite tho same enhanced price which tho o''y i"'
10 the tmporteI articles Those who buy Imports
pay the duty charged thereon into thu pubic treasury
but the great majority OF our cltizehS' VINO Duy uo
nestle articles OF the same class, Pay sum AZ "aS'
approximately equal to this duty to the home manu-
facturer This to the operation Of our tafn
laws Is not made by way of Instruction but In order
that We may he constantly reminded OF the manner ID
which they impose a burden upon those VINO consume
domestic products well as those who consume I'M
ported articles and thus create tax upon all our
people.
URGING "RELIEF FROM The HAnDshIPs AND DAN
GERs !" OF TIE TARIFF LAWS
II is not proposed to entirely relieve the country oil
this taxation Ii must be extensively continued as
the source Of the Governments Income and in a re-